Fed policy is once again revealing which emerging markets have strengthened their defenses against a tightening in U.S. monetary policy and which remain vulnerable. For its part, Turkey is firmly in the latter camp.

Preliminary tallies suggest that Jokowi won Indonesia's July 9 presidential election, but his competitor, Prabowo, is not guaranteed to go quietly. The stakes could hardly be higher: Since the fall of Suharto in 1998, Indonesia has been a showpiece of democracy in Asia. The final count will either solidify this narrative, or toss it right out the window.

Indonesia confronts a host of political challenges, and a crucial election in 2014 will determine whether it delivers on its promise or returns to stagnation. Meanwhile, the nearby Philippines, now an outsourcing powerhouse, has been racing ahead under the stewardship of President Benigno Aquino III.

As Indonesia hosts a number of high-level summits this year, it looks set to take its place among the world’s economic superstars. But celebrations are premature: although the country has made great strides, its gains are reversible. For the country to continue to prosper, Jakarta must address rampant corruption and poor governance.

Will President Barack Obama's visit to Indonesia herald a new era in relations between Washington and the countries of Southeast Asia? In 2009, Christopher S. Bond and Lewis M. Simons wrote that the United States should use trade, aid, and education to alleviate poverty and prevent terrorism in the region.

Beyond headlines dominated by terrorist cells and separatist insurgencies, the world's largest majority-Muslim country has undergone a profound transformation in recent years. Reformers have quietly but brilliantly overhauled the country's long-intractable political system. The government that takes office in October will be the people's choice more than ever before-and will have an unprecedented opportunity to set Indonesia on the road to good governance and economic prosperity.

The devolution of power in post-Suharto Indonesia has empowered corrupt local authorities and brought long-simmering religious and ethnic tensions to the fore. The country lacks a credible executive and impartial military to quell the violence. In fact, the authorities may be exacerbating the tensions instead of helping resolve them.

Did East Timor's departure start the dominoes tumbling? Will this vast, multiethnic archipelago fall apart? Not likely. A hard look at Indonesia's main candidates for secession reveals that they have little in common with East Timor and even less with each other. The provinces remain Jakarta's to lose. If the capital plays its cards right, curbs the army's abuses, and accommodates legitimate local goals, the center will indeed hold.